Abyaar ‘confident’ of property market

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Marzooq Al Rashdan, managing director of Abyaar.

The vice president and managing director of Abyaar, Marzooq Al Rashdan, has commented on the region's real estate sector stressing his confidence in the market.

"We have great confidence in the real estate market, and believe that the region represents the safest and most stable market for many capitals, despite the current financial crisis," said Al Rashdan.

Al Rashdan also highlighted expectations of a general market reform to help create new investment opportunities. He added that real estate opportunities in GCC markets are open to all, and to real estate developers in particular, thanks to working environment that encourages productivity and innovation.

During the meeting, Al Rashdan also said that Abyaar is preparing to raise its capital by 100% during 2008, after receiving the necessary approval from its General Assembly. "Abyaar has a clear plan for expansion, and has made actual expansions in the region from its starting point in Dubai. Value of the company's projects amounts to US$6.8 billion approximately, 85% of which are under construction, which helps boosts the confidence of our shareholders and investors, and proves our commitment to completing work on the ground," he added.

In KSA, Abyaar is planning to construct a 85-storey tower valued at US$213 million, set to become a landmark in Jeddah's real estate investment sector. Work on the tower's blueprints and design is almost complete, while construction is scheduled to commence early next year. Abyaar is also planning to acquire plots of land in other areas including Riyadh and the Eastern Province.

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